Broker reports “consistent evidence of rates hardening”
Jardine Lloyd Thompson said performance for Q3 ended 30th September 2009 was in line with expectations.
“Insurance market conditions continue to be competitive in most classes of business with no consistent evidence of rates hardening.
“Across our operations we have continued to experience the adverse impact of global economic slowdown and reduced levels of corporate activity as well as unprecedented low rates for investment income.
Challenging conditions
“Despite the challenging insurance market conditions, our Risk & Insurance business overall continues to trade strongly and achieve encouraging levels of organic growth.
“The performance of our London Market businesses has been particularly robust; our retail insurance broking businesses around the world have reflected the different speed of economic recovery in the different countries and regions in which they operate.
Outlook
“JLT has good momentum and is well placed to benefit as the economic and insurance industry background improves and to take advantage of growth opportunities including new hires and acquisitions.
Dominic Burke, chief executive said: "JLT remains well positioned and we will continue to build on our successful strategy of balanced growth - organically, by bolt-on acquisitions and through selective hiring of industry-leading people."
